Steel exports jump 77%

Jun 15, 2007 04:30 AM

China's surging steel exports, a source of growing friction with its trade partners, rose 77 per cent in May compared with a year ago, according to government figures reported yesterday.

Exports of rolled steel totalled 5.6 million tonnes, the official Xinhua News Agency said, citing the customs agency.

Xinhua said the May export total was down 13.8 per cent from April.

Beijing has been trying to rein in steel exports to ease tensions with its major trading partners whose own steel makers are struggling against a flood of low-cost Chinese imports.

Chinese leaders also are worried about the industry's rising energy demands and impact on the environment.

The Beijing government has eliminated rebates and imposed a new tax on exports to discourage foreign sales.

Exporters probably rushed to ship as much steel as they could to beat the new export duty, which took effect June 1, Xinhua said, citing officials at the commerce ministry.

Steel exports for the first five months of the year totalled 25 million tonnes, up 117 per cent from the year-earlier period, Xinhua said.

Source : http://www.thestar.com/Business/article/225741

Nippon Steel and Toyota Motor agree to steel price hike

14th June 2007

By Staff Writer

According to Nikkei business daily, Nippon Steel Corp. and Toyota Motor Corp. have agreed to price rises of more than 10% for specialty steel used to make auto parts.

According to trade paper, Japan Metal Bulletin, an automaker has also agreed to pay 10% more or 10,000 yen ($82.18) more for specialty steel for products to be delivered from July.

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The news boosted shares in specialty steelmakers but depressed the automakers' stocks on concerns of expected heavier materials costs. Analysts had in general expected a price rise of about 5,000 yen per ton for specialty steel.

Takashi Aoki, vice president, equity investment division at Fuji Investment Management said: "It's a bit of a surprise. If the price is raised by 10,000 yen as reported and the rise is implemented retroactive from April, it's good news for large steelmakers' first quarter earnings."

Source : http://www.automotive-business-review.com/article_news.asp?guid=F31EAABA-9BB8-4887-A350-809C41639A4A

U.S. Steel closes Lone Star purchase

Dallas Business Journal - 1:11 PM CDT Thursday, June 14, 2007

by Jaime S. Jordan

Staff Writer

U.S. Steel Corp. said Thursday that it completed the $2.1 billion acquisition of Lone Star Technologies Inc.

Pittsburgh-based U.S. Steel (NYSE: X) announced the deal in March, saying it would expand its reach in the oilfield sector. Lone Star makes products to line oil and gas wells and build pipelines.

The deal calls for U.S. Steel to pay $67.50 per share of Dallas-based Lone Star (NYSE: LSS). The company will cease trading on the New York Stock Exchange at the close of market Thursday.

Lone Star operations will be combined with U.S. Steel's tubular division, which will be led by Joseph Alvarado, who was president and COO of Lone Star.

A company spokesman was not able to comment on whether Lone Star operations in Dallas would remain in Dallas.

"That's something I can't comment on, because I don't believe that's something that has been determined about how it will be organized," U.S. Steel spokesman John Armstrong told the Dallas Business Journal Thursday.

Aside from Alvarado being named head of U.S. Steel's tubular division, "where those people will be and who those people will be, has yet to be determined," Armstrong added.

Source : http://charlotte.bizjournals.com/dallas/stories/2007/06/11/daily31.html

Steel Partners raises bid price for Bull Dog Sauce

Friday, June 15, 2007 2:10:00 PM ET
newratings.com

NEW YORK, June 15 (newratings.com) - Steel Partners (ticker: SLPL) Friday announced that it had raised the price for its takeover bid for Japanese condiments maker Bull-Dog Sauce by 7%.

The American investment fund said that its offer now stands at ¥1700 or $13.82 per share, or a total consideration of ¥29 billion or $236 million. The earlier bid price was ¥1584 per share, which was rejected by Bull-Dog Sauce. Steel Partners is already the largest shareholder in Bull-Dog Sauce, with a 10.2% stake. The company also pushed back the closing date for the offer to August 10 from June 28.

Source : http://www.newratings.com/analyst_news/article_1551318.html